Unreported Foreign Assets Over $200K? Streamlined Filing May Help Reduce Form 8938 Penalties.

Leave a Comment / 2. Expat Taxes - Americans Abroad, Blog, FBAR, Streamlined Filing Compliance Procedure / By Edward Parsons, CPA

Form 8938 is required for U.S. taxpayers with foreign financial assets above $50,000 (single filers in the U.S.). Missing the filing deadline triggers an immediate $10,000 IRS penalty. Every 30 days of non-compliance after an IRS notice adds another $10,000. The IRS Streamlined Filing Compliance Procedures can reduce or eliminate that penalty if your failure

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Didn’t File FBAR on Your Foreign Bank Account? The Penalty Is $10,000. Streamlined Filing May Reduce It to Zero.

If you held a foreign bank account with a balance exceeding $10,000 at any point during the year, FBAR filing was required. Missing that deadline triggers IRS penalties starting at $10,000 per account, per year, for non-willful violations. Willful violations can reach 50% of the highest account balance per year. The IRS Streamlined Filing Compliance